It was a pretty lucrative month for real estate agents in local home markets last month, as the majority of zip codes mirrored Greater Houston with a year-over-year rise in November sales.
Year-over-year sales spikes ranged from almost 21 percent (77007) to nearly 63 percent (77092) in the area, though 77091 zip code did see a dip of nearly 7 percent.
Home prices – both average and median – also saw a November spike according to the most recent report from the Houston Association of Realtors. As a whole, sales in the Greater Houston market rose nearly 26 percent last month, with both average and median prices increasing at least 10 percent.
It was a particularly fruitful month in the Central Northwest area, which includes Garden Oaks, Oak Forest, Shepherd Park Plaza and other neighborhoods.
Agents saw 64 homes come off the market in this area last month, a 56.1 percent year-over-year rise from last year’s mark of 41. Year-to-date, this zip code has seen 709 homes sold since the start of 2020 – a 14.4 percent increase over last year’s pace.
The average buyer paid $515,157 for a home last month, a year-over-year spike of almost 11 percent. Median home price rose just under 2 percent, up to $427,500.
Just to the west, in a zip code that includes Mangum Manor, realtors saw the biggest percentage rise in year-over-year November sales.
There were 26 homes sold in the market last month, representing a 62.5 percent increase compared to 16 in the same month last year. Despite the rise, however, the market is still lagging slightly behind its 2019 pace. There have been 238 homes sold since the start of the year, compared to 252 during the same period last year.
On the pricing front, the average homebuyer cost spiked to $333,131 – an increase of almost 19 percent. Year-over-year median price rose 4.1 percent last month, up to $296,650.
To the north, it was unfortunately a downturn in home sales – though only slightly.
A code containing Greater Inwood and Acres Homes sold 14 homes last month –an ever-so-slight dip from the 15 sold during November 2019. However, this market is still well ahead of last year’s pace despite the downturn. Agents have seen 191 homes come off the market since the start of the year, a 22.4 percent advantage over last year’s figure of 156 during the same period.
Amidst the slight sales downturn, prices also spiked according to HAR data. The average buyer spent $285,839 on a house here – a 34.4 percent spike – while median prices jumped more than 74 percent up to $313,420.
Down in the Greater Heights, the market was booming once again as it saw one of the area’s biggest sales jumps.
There were 85 sales in this market last month, marking a 54.5 percent year-over-year rise that more than doubled the Greater Houston market’s 25.6 percent increase. On a year-to-date basis, there area is about 6 percent ahead of last year’s pace, having seen 987 homes sold since the start of 2020.
Median home prices actually fell a little more than 1 percent down to $499,000 last month – one of only two markets to see a dip in year-over year pricing. The average homebuyer paid $585,770 for a house last month, a 5.2 percent year-over-year change.
To the east, a zip code including Woodland Heights and Norhill neighborhoods was the second-biggest riser last month.
Homes sales here increased by 60 percent, with agents selling 56 homes compared to last November’s mark of 35. Despite that, however, the area is still lagging behind last year’s pace. There have been 521 homes sold through the end of November, as opposed to 544 sales during the same period last year.
Pricing-wise, the average home sold for $472,235 last month – a slight (1.8 percent) increase compared to last November. Median price came in at $420,027, representing a 5.6 percent drop.
Even though the area including Rice Military and St. Thomas High School didn’t see quite the spike as surrounding areas, it was still a good month.
The area 64 homes come off the market in November, a 20.8 percent spike compared to 53 sold last November. It’s also been a good year, with 731 homes sales through the end of November, compared to 715 at the same juncture in 2019.
Average home price went up 16 percent to $591,682, while median prices were up nearly 9 percent to $474,950 at month’s end.